The Different Analysis of the Sentiment of Investors and the Closed-end Fund Discount (premium)
Based on the judgment which Liquidity can measures the Sentiment of investors,this paper proves the hypothesis of closed-end fund premium driven by investors sentiment by validating the positive or negative correlation of the Closed-end fund premium or discount and the secondary market liquidity.This paper extends Baker & Stein (2002) Investor Sentiment-mobility model to closed-end fund market,and tested the closed-end fund discount affected by investors emotion hypothesis using market liquidity on behalf of closed-end fund investor sentiment.The analysis of the parallel data and Cross-section data confirmed the cross-section difference of closed-end fund discount is caused by the different of investor sentiment.The fund with a high sentiment has a higher premium or a lower discount.
DinvestorSentiment Mobility Closed-end Fund Discount or Premium
Yang Tong
School of Management Xian polytechnic University Shannxi,China
国际会议
重庆
英文
385-388
2010-09-17（万方平台首次上网日期，不代表论文的发表时间）